Calls to extend stamp duty exemption
A PROPERTY finance expert is calling on the NSW Government to extend its first home buyer stamp duty exemption, which ends on December 31, in the interests of the housing market.
Australian Mortgage Options managing director Robert Projeski said many first home buyers had held back buying due to higher interest rates, which had been dropped by the Reserve Bank in recent days, and were now rushed to arrange finance and find the right property in time for the stamp duty relief.
"If the state government was really serious about increasing first time home ownership and boosting the property sector, it would extend its stamp duty initiative into the early part of the New Year," he said.
"The state government offered the incentive to encourage first home buyers into the market.
"And, with the interest rate cuts motivating more first time purchasers, many will hasten to make use of the incentive as well. I personally appeal to the state government to consider extending the first home buyer stamp duty saving, in order to allow these buyers the time to make informed decisions in terms of property and finance, and not be forced to rush in order to benefit from the stamp duty saving".
"With the Christmas holidays looming, it closes the time window even more, which could cause some first time buyers to forgo the opportunity of home ownership altogether, which is in my view somewhat defeating the purpose of the incentive.